All Forum Posts by: Kevin M Finley

 Thanks Bradley, That does appear to be the case. Intentionally going silent for two weeks instead of closing and then pulling the appraisal BS is underhanded at best and what bothers me. 

Ultimately I need to get this refinanced before the private money loan comes due. Do you know anyone that has the products you mentioned that can actually fund currently? 

Also following this thread as I had a rental property refinance get canceled at about the same stage. 

It would be very nice to have some clarity. Six weeks into a rental property refinance with Tidal loans. They went no-contact two weeks ago today and I finally spoke with someone today. Despite already having the appraisal done and the loan approved pre-corona, they've used their two week no-contact period to now tell me:

1. We need a new appraisal ordered through them. Other appraisal (already paid for at $450) is dated 3/13. They want me to pay for the new $695 appraisal fee as well.
2. Rate has gone from 5.385% to "7 to 8 percent". 
3. They don't know when they can fund. 
4. 80%LTV is now 70% LTV.

This is a slam dunk rental property refinance that hits every metric possible. LendingOne is on a 2 week pause as of tuesday and Lendency's website states they have stopped doing rental property loans. 

If anyone knows an asset based lender that will do rental property loans I would greatly appreciate it. 

Don't put a standard window in a shower. Do glass block. the link should take you to one that should fit with minimal framing. 

If it is rotted, you may have to re-tile the shower or do other work that would cost more. Just the window shouldn't be much at all. 

https://www.homedepot.com/p/Clearly-Secure-21-25-in-x-46-5-in-x-3-125-in-Frameless-Wave-Pattern-Non-Vented-Glass-Block-Window-2248SDC/303356802

The first I purchased at 30,000 and put 28,500 into it. Sold at $103k. Paid 5 points and 15%. Still made over $20k. 

Second $90,000 purchase and $36,000 reno. Sold $169,900. Can't remember profit. 

Third failed. $72,000 purchase with $82,000 estimated reno. The lender would not approve draws and I ran out of cash. ended up refinancing with private money and owned the house for a total of a year. Sold at $225,000 but total profit was only around $30k after all the other crap with holding costs and financing. 

Hard money is great and will get you where you need to go, but you need to have plenty of working capital. 

I used hard money for my first three flips. not without it's headaches but it definitely has a place. 

I called every company that will service my area and ended up getting a great rate. Sometimes it's less about the price and more about the service though. If you're trying to get a house on the market and they won't pull a dumpster for 15 days, it's massively inconvenient. 

I pay $450 for a 30 yarder with no time limit. They will call after thirty days and ask if they can have it back though. I also find that some houses have small dirveways adn I can only fit a 6yd lugger for $420... this escalates my costs a ton. I also somehow manage to always create 35yds of trash and not want to pay for an entire extra rolloff. 

I purchased my own dump trailer last year that I use strictly for the smaller driveways or the extra stuff. I can typically dump it at the landfill for $70. Not something I want to do often because it's a muddy, agonizing, stinky 2 hour affair usually. That being said the trailer has already paid for itself twice over. 

 I get it. Definitely hurts to pay... but at the rates you're talking no one would consider lending around here. I think it may be a function of the value of the deals. Most of my flips are $100k total cost/loan amount and take 4-5 months. At 150 days and 2/12, they are making $7000... really any less than that and it is a hard hard sell. I only know one lender who will touch deals $50k and under or purchases under $25k, and they charge 5/15. 

If **** hits the fan and a lender has to take back the property, the nuisance is the same no matter the market value/cost of the loan. 

Nope. The money is made on the origination anyway. They would rather I churn and burn more loans than gripe over a percent or two

100% funding with no fees, no draws, no appraisals. I am happy to keep my investors making money as long as I have access to whatever funding I need when I need it. 

I’ve gone the hard money route and I absolutely will not do that again.